My Q is,,,,

[Cryptoad]

whose 931million$ did Trump lose?????????? Was it a loan,,,,, was teh debt forgiven,,,,,, forgiven debt is income according to the IRS. whole new can of worms

[dawg]

1. That isn't what a tax avoidance scheme looks like.

That's what a colossal screw-up looks like.

You must have basis in a partnership or S-corporation in order to deduct a loss. In other words, you must either have your own money on the line, or else be personally liable for the debts. Now, it's possible that some debts got forgiven in later years. In which case, he would've had to report debt forgiveness income. But we don't have those returns, so we just don't know.

[Nitram]

2. Borrowed money.